African trade attracts $100 million support

THE African Export-Import Bank (Afreximbank) and the International Islamic Trade Finance Corporation (ITFC) have signed a US$100 million agreement to support African trade.

The two institutions have also signed a €50 million Murabaha agreement to facilitate and finance exports among African countries and between Africa and the rest of the world.

According to a joint statement issued on Sunday, the facilities will support procurement from suppliers from the member and non-member countries, including local purchase, to promote trade across Africa.
The agreements were signed by ITFC chief executive officer Hani Salem Sonbol, and Afreximbank executive vice president for business development and corporate banking Amr Kamel during the Afro-Arab Trade Finance Forum, which was organised by the Arab Bank for Economic Development in Africa (BADEA) in Dubai under the…

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